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 Treasury Withdraws Actions Against Two Burmese Banks


9/26/2012
 

Treasury’s FinCEN Repeals Section 311 Actions Against Myanmar Mayflower Bank and Asia Wealth Bank

WASHINGTON – The U.S. Department of the Treasury today announced that the Financial Crimes Enforcement Network (FinCEN) is repealing a final rule adopted on April 12, 2004 that required certain U.S. financial institutions to take special measures directed at two of Burma’s then-largest banks, Myanmar Mayflower Bank and Asia Wealth Bank. FinCEN today is also withdrawing its November 18, 2003 identification of these banks as financial institutions of primary money laundering concern.  These actions were taken under Section 311 of the USA PATRIOT Act.

When the final rule was issued, Myanmar Mayflower Bank and Asia Wealth Bank had been identified as financial institutions of primary money laundering concern, and individuals owning and controlling both banks were determined to be linked with illicit financial activities.  Subsequent to FinCEN’s identification of these two banks as financial institutions of primary money laundering concern, the Government of Burma revoked the licenses of both banks.  These financial institutions no longer exist and thus pose no further threat to financial systems.

The Treasury Department looks forward to collaborating with the Government of Burma on mutual issues of concern to combat international money laundering and the financing of terrorism.

The repeals will become effective upon their publication in the Federal Register.  The action, as submitted to the Federal Register, is available here.

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